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Economic Indicators Released Overnight
Markets are distinctly edgy as Bitcoin gets hammered and US equities move lower. The beneficiary so far seems to be Chinese stocks and maybe bonds as yield go higher. Yuan was higher overnight after weeks of no movement. PBoC adding liquidity helps as does drawing a line under real estate issues.
Not satisfied with Powell's subservience, Trump is now moving quickly to get rid of Lisa Cook from the FOMC. It's a knife edge between living with poor outcomes and being forced to pivot.
Without data of any importance until Friday, sentiment will drive price.
US Equities
Breaking Trump Removes Fed Governor Lisa Cook Effective Immediately [Bloomberg]
Chinese Property Stocks Jump on Expectation of More Stimulus [Bloomberg]
Rich economies will need foreign workers to fuel growth, policymakers warn [FT]
BTC continues the sell-off. Let's see where we close. We've seen this pattern so many times before.
Oil challenging the top of the bear flag. Gold and Silver having a quiet day.
USD, via DXY, can't confirm below short-term support as sentiment from Powell's speech reverses.
Zooming out, the deflationary bust seems to have, at least, paused. Foreign flows into Chines equities suggest that bond yields are making China investible again.
China 30 Year Government Bond Yield Monthly
Chinese equities sharply higher and so is the Offshore Yuan.
HANG SENG Daily
Kazaks Says ECB Can Watch Economy With Rates in Good Place [Bloomberg]
EU speeds up plans for digital euro after US stablecoin law [FT]
Wealthy UAE residents look to snap up prime London property [FT]